A study by payroll company ADP shows that 7.2% of employees have wages garnishments. See the details in this article by Michael Cohn in Accounting Today: http://www.accountingtoday.com/news/payroll/wage-garnishments-all-too-common-among-workers-71978-1.html Child support is the largest item garnished from wages, followed by taxes. The midwest also has the most people who have wages garnished by region, and the manufacturing sector has the most by industry. Broken down by age, the 35 to 44 group has the most wage garnishments, when financial obligations are at their highest. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: How 6 Types of Retirement Income Are Taxed
Here is a list of six different types of retirement income and how each is taxed. See details on the list in this post from Kiplinger by Sandra Block: http://www.kiplinger.com/article/taxes/T055-C000-S002-how-6-types-of-retirement-income-are-taxed.html I think a key here is that there is only one income vehicle that is totally tax free and that is the Roth IRA (although some qualified plans have a Roth component in them) – you forgo an upfront tax deduction to get tax free income if you hold the account until you are 59 1/2 and have it for at least five years. Just think; you never pay any income tax on this account! Now that is an awesome deal. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: Retirement-saving changes you should keep an eye on
The new federal budget proposed by President Obama has some retirement plan proposed changes that people should be aware of. Nothing has gotten farther than the proposed stage yet (and with this Congress, I think passage is unlikely), but see this article in the San Jose Mercury News written by Janet Kidd Stewart of the Chicago Tribune for a list of the major potential changes: http://www.mercurynews.com/business/ci_26477736/retirement-saving-changes-you-should-keep-an-eye The scary part is losing some IRA and 401K exclusions, as well as the potential of making Roth IRA accounts subject to the Required Minimum Distribution (RMD). But like I said, none of this is law yet, and the way things have moved in the past, we may all be retired before any of the budget items actually pass. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa